Private equity grabs toolmaker M&M
GREEN BAY, WIS. - Private equity group North Central Equity LLC has purchased Wisconsin toolmaker M&M Tool and Mold Inc.
The deal, completed June 30 for an undisclosed sum, adds M&M to three other portfolio companies for Minneapolis-based North Central.
The toolmaker is based in Green Bay, with a second plant in Germantown, Wis. M&M specializes in intricate injection mold tooling, with customers in automotive, medical, electrical hand tools and consumer products.
North Central seeks small to midsized companies for its investments. Its current holdings include a ``value-added'' telephone reseller, a designer and manufacturer of specialty fabric-covered structures and a maker of air-supported fabric structures, such as recreational domes.
Fire at Modern Dispersions injures five
FITZGERALD, GA. - Five Modern Dispersions South Inc. workers were injured early June 30 in an apparent material fire at the Fitzgerald-based company.
According to a spokeswoman for the compounder and concentrates maker, four of the workers were taken to a burn center in Augusta, Ga. By July 3, two had been released. A fifth employee was taken to a local hospital June 30, treated and released.
The company did not release the names of the injured workers.
``Our main concern is making sure that they get the help that they need,'' said spokeswoman Christy Anderson.
She said there was no damage to the facility. The blaze apparently was a flash fire that happened when material was heated in machines, she said.
Fitzgerald Fire Chief Jay Whitley said the fire was out by the time firefighters arrived on the scene. The fire is under investigation.
Schulman reorganizing N. America units
FAIRLAWN, OHIO - A. Schulman Inc. is reorganizing its North American compounding and resin distribution business in an attempt to revive sales and profit.
In a June 29 news release, Fairlawn-based Schulman identified three new North American business units:
* Engineered Compounds, including products based on flexible and engineered resins, as well as the firm's tolling operations. This unit will be led by Ronald Andres, vice president and general manager.
* Polybatch, including color concentrates and Polybatch-brand film compounds, as well as Schulman's Mexican operations. The unit will be led by interim General Manager Gustavo Perez.
* Merchant & Distribution, including resin distribution and sales made into the rotomolding market. The unit will be led by General Manager Jeff Martin.
All three units will report to Barry Rhodes, executive vice president and chief operating officer of Schulman's North American business. Schulman's Invision-brand plastic sheet business, which began commercial production in May, will be run separately from the three new operations.
Deal struck for Amcor bottle operations
MELBOURNE, AUSTRALIA - A deal by Australian packaging company Amcor Ltd. to sell its PET bottle operations in Europe is expected to be finalized by the end of the year.
Last month, Barcelona, Spain-based chemicals group La Seda de Barcelona SA was reported as the potential buyer of seven Amcor PET bottle plants, on the market as part of the Australian company's European rationalization program.
In a July 2 statement to the Australian Stock Exchange, Melbourne-based Amcor's executive general manager for corporate affairs, John Murray, confirmed an agreement had been reached with the Spanish firm on a deal worth US$575.4 million.
Murray said Amcor's PET business in Europe had returned audited sales of about US$737.8 million in the 12 months ended June 30, with profit of US$51.4 million.